Daily Forex Market by FXCC 03Mai2012

Daily Forex Market by FXCC 03Mai2012

EUR/USD below 1.3150 ahead of ECB

EUR/USD is currently at 1.3145 off session lows at 1.3137, coming lower from NY session highs 1.3167, in a relatively quiet Asia-Pacific session with Tokyo closed for holiday. Local open share markets trade in the red over all, with Shanghai index leading the way lower with some -1.85%. The London session ahead shows a busy agenda though not because of many risk events but because of very key ones, including ECB interest rate statement at 11:45 GMT this time extraordinarily coming from Barcelona, followed by press conference at 12:30 GMT. Also at 09:00 GMT will come EU monthly PPI, but more importantly, two major bond auctions will take place along the European morning, from Spain and France at 08:30 and 08:50 GMT respectively.

Cable is quietly trading within a tight range 1.6207/1.6188 since early NY, last at 1.6195, lower by -0.15% since yesterday's Asia-Pacific open. The pair is down for the week some -0.43% after hitting fresh 7-month highs Monday at 1.6301, now retreating from there with weekly lows yesterday at 1.6162.
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UPCOMING EVENTS :
2012-05-03 08:30 GMT | United Kingdom Purchasing Manager Index Services (Apr)
2012-05-03 09:00 GMT | European Monetary Union Producer Price Index (YoY)
2012-05-03 09:00 GMT | European Monetary Union Producer Price Index (MoM)
2012-05-03 11:45 GMT | European Monetary Union ECB Interest Rate Decision

FOREX NEWS :
2012-05-03 04:00 GMT | EUR/USD below 1.3150 ahead of ECB
2012-05-03 03:33 GMT | AUD/CAD hits fresh 5-month low 1.0146
2012-05-03 00:57 GMT | GBP/USD quietly trading below 1.6200
2012-05-03 00:27 GMT | USD/JPY frozen above 80.00

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EURUSD : 1.31412 / 1.31415

https://support.fxcc.com/email/techn...012/EURUSD.gif

1.3283 | 1.3241 | 1.3203 | 1.3168
1.3123 | 1.3104 | 1.3057 | 1.3000

SUMMARY : Down
TREND : Down trend
MA10 : Neutral
MA20 : Bearish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

The EURUSD fell and formed a bottom at 1.3123 (S1). After that the price rebounded and was able to break above yesterday’s support at 1.3168. A break above the first resistance would suggest a target of 1.3203 (R2). If price holds its momentum on the upside we can expect a further rise towards 1.3241 (R3). On the other hand, if the price does not manage to break above 1.3168 (R1) we can expect the pair to retest support at 1.3104 (S2). A break below that level would suggest target at 1.3057 (S3).

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GBPUSD : 1.61897 / 1.61905
DAILY WEEKLY MONTHLY

https://support.fxcc.com/email/techn...012/GBPUSD.gif

1.6374 | 1.6301 | 1.6248 | 1.6209
1.6160 | 1.6128 | 1.6075 | 1.6013

SUMMARY : Down
TREND : Down trend
MA10 : Neutral
MA20 : Neutral
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

The GBPUSD rebounded from 1.6301 (R3) yearly high and then fell, forming a bottom at 1.6160 (S1). A break below the first support level (S1) would suggest a target of 1.6128 (S2) and a further fall will be limited at 1.6075 (S3). On the other hand, if price holds its momentum on the upside we can expect a rise and retest towards 1.6209 (R1). A break above that level will then bring focus to the next resistance level at 1.6248 (R2).

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USDJPY : 80.202 / 80.207
DAILY WEEKLY MONTHLY

https://support.fxcc.com/email/techn...012/USDJPY.gif

81.94 | 81.43 | 81.04 | 80.65
80.05 | 79.65 | 79.08 | 78.67

SUMMARY : Neutral
TREND : Sideway
MA10 : Neutral
MA20 : Neutral
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

The USDJPY didn’t made any significant moves in yesterday’s session as it traded in a consolidation mode between the 80.05 (S1) and 80.65 (R1) levels. A break below 80.05 would suggest a target at 79.65 (S2) and further fall will then focus on 79.08 (S3) a strong technical and psychological level. On the other hand if the price manages to stay above the first support (S1) level we expect the price to retest 80.65 (R1) and a break above that level will concentrate our focus on 81.43(R3).

Source: FX Central Clearing Ltd, (http://www.fxcc.com)